Company Valuation: Incap Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 99.33 196.3 176.8 334.9 499.7 400.2
Change - 97.67% -9.96% 89.43% 49.22% -19.91%
Enterprise Value (EV) 1 -61.06 66.67 62.19 281.1 523.1 381
Change - 209.19% -6.72% 352% 86.08% -27.15%
P/E 17x 24.5x 26.7x 50.2x 62.4x 118x
PBR 0.64x 1.24x 1.11x 2.08x 3.08x 2.49x
PEG - 0.7x -1.5x 64.76x 3.1x -2x
Capitalization / Revenue 0.48x 0.85x 0.84x 1.73x 1.49x 1.26x
EV / Revenue -0.29x 0.29x 0.3x 1.45x 1.56x 1.2x
EV / EBITDA -78.9x 11.5x 8.46x 42.4x 30.3x 31.1x
EV / EBIT 15.5x 47.4x 18.1x 100x 38.9x 52.8x
EV / FCF 3.59x -1.74x -3.88x -4.57x -7.54x 8.21x
FCF Yield 27.9% -57.3% -25.8% -21.9% -13.3% 12.2%
Dividend per Share 2 1 1 1 1 1 1
Rate of return 5.17% 2.61% 2.9% 1.53% 1.03% 1.28%
EPS 2 1.14 1.56 1.29 1.3 1.56 0.66
Distribution rate 87.7% 64.1% 77.5% 76.9% 64.1% 152%
Net sales 1 209.1 231.6 210.6 193.6 336.1 316.8
EBITDA 1 0.7739 5.809 7.35 6.63 17.25 12.24
EBIT 1 -3.948 1.406 3.435 2.801 13.43 7.211
Net income 1 5.847 8.025 6.632 6.697 7.995 3.371
Net Debt 1 -160.4 -129.7 -114.6 -53.8 23.33 -19.2
Reference price 2 19.35 38.25 34.44 65.24 97.35 77.97
Nbr of stocks (in thousands) 5,133 5,133 5,133 5,133 5,133 5,133
Announcement Date 28/09/21 29/08/22 02/09/23 29/08/24 02/09/25 28/08/26
1INR in Million2INR
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 4.87M
32.8x6.07x18.59x0.62% 204B
13.74x0.31x6.93x3.66% 114B
38.87x6.27x20.33x0.92% 89.91B
26.59x9.34x19.83x0.47% 86.66B
70.63x7.46x34.87x0.2% 79.6B
19.96x1.19x13.59x0.66% 67.43B
19.01x3.23x12.27x1.4% 60.41B
38.07x5.36x20.17x0.02% 55.2B
65.9x29.63x65.85x0.4% 43.39B
Average 36.17x 7.65x 23.60x 0.93% 80.05B
Weighted average by Cap. 33.90x 6.37x 20.65x 1.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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